New-York tribune., 1887-11-22
RACK FROM INSPECTING CENTRAL

President Chaunccy M. Depew, OF the New-forK
Central, returned yesterday wi Cornelius Vancerbih'
Chairman Of the Board Directors, from tour of In
spection over the road. careful examination Oh
the various lines was made with view to future i'm
provements Mr. Depew said that he had found the
road bed in an excellent condition. but there were
PAGES where station bull ngs or additions TO the
old ones could be with profit to the COM any, ana
to the benefit Of the Iubc The old Auburn road VIII
receive generous sbarc Of the Improvements that VIII
be maie The g.owth Of the traffic ON the New-York
Central renders ca lncessant for further improve
ments but the management has In view OF the pros
poets Of the future, determne. wherever lOssiole 10
W y pra tn used hse bn Il Il VIII Be- the kind that doesn't
seek to Save emmy at the risk Of losing dol ar iaei
is the sg suggestion of neea Of work Of lhat SOFT
and many Of them WI be prepared for the ~ local
traffic he Central is extending large sums ior 'he
increase Of elulpmen as the volume OF business t
famine 1t is expected by the Officers OF the company
thai the new passenger station at Mott Haven VIII u
presents TO the expanding tendency of the uptown
parts Of the city
DIVIDEND FOR YRfFERRED STOCKHOLDERS.
Tho annual meeting Of the stockholders Of the
puffaro. Rochester and Pittsuurg Railway Company
was held at the Office Of walston H. hown 20,
si No 20 Nassau St., yesterday. The OLD Doafd oi
directors was elected as follows: John u. Neeser'
kuguste Richard Henry l. Darbey, Wheeler ii. Peek
waiston H Brown, Fred. A. Brown, Adrian lseln,
Adrian Iseiin r, J. II. Hocart and Alfred Roosevelt.
A summary Of the annual report was read which
win be found In the financial column of THE TRIBUNE.
Tho directors VIII meet on Friday to organize, ana
W. II. Brown VIII probably 10 ree elected president
ana Thomas r. Wentworth secretary. trcd A
Brown tho present treasurer, will probably insist on
being retired as his health at present renders him
desrons OF leaving his position. 1t is understood
that dividend Of 2ls per cent Will be declared on
the $6,O0O.OO0 preferred stock The company after
the payment of this dividend would have q surplus
In earnings was made In large part In tho last Blk
months OF the fiscal year. The dividend will be
declared with the idea that 1t be susf aimed ut
the present rate OF increase OF returns upon 1856
DIRECTING TO A PLAN OF REORGANIZATION.
The second mortgage b0DdhoIders Of the Wabash
Railway arc reported obtecting to tho amended
plan Of reorganization because places subsequent
liens on better basis than that given to the second
mortgage bonds One Of the bondhoiders' commit
tee said that nothing had been done by tho second
mortgage b0pdhOlders In the way Of Joining ia tho
agreement and that consequently Setfiement IVES
Is far OF over The difficulty srtses from the
fact that the Chicago and Dstr0lt division bonds ere
given precedence In tho scheme. member of the
reorganization committee said In ropiy TO this OBJ
lection:
II know that some Of the second mortgage bonds
arc dissatisfied, but think largo majority Will aP
prove tho prossnt PLAZA. Tho now bonds thai VIII
twice much road and tho issue VIII be loss .por
s. nile Ihsy wiii ccsuDg ,s% = %or: go. commanding
. II without hesitation But they should not
the first nortssss bcsds isss s%ps powsr'